26 November 2024: The Central Bank of Ireland and the Insight Research Ireland Centre for Data Analytics at University of Limerick have announced a landmark collaboration to push the boundaries of artificial intelligence (AI) and data science for public good in Ireland.

This research partnership, set to run for over six years, aligns with Ireland’s National AI Strategy by advancing research that builds public trust, improves policy outcomes and cultivates the next generation of AI talent.

The collaboration will see the Central Bank of Ireland funding a dedicated PhD programme in AI and data science, hosted by the Insight Research Ireland Centre and University of Limerick but available to all eligible researchers across the nation. The partnership will initially provide funding for six PhD studentships, focusing on applying AI and data science to achieve outcomes like safer financial systems and better outcomes for consumers of financial services. These research projects will address challenging issues including responsible AI, financial crime, AI risks and regulation, cyber and climate risk.

This collaboration is designed to produce evidence-based research with practical, real-world applications. Central Bank of Ireland and Insight researchers will work together to deliver better analytical insights and, ultimately, better policy outcomes.

In line with the national AI strategy, this collaboration seeks to expand Ireland’s capacity for AI and analytics by creating PhD-level opportunities that nurture skilled researchers. By building a pipeline of AI talent equipped to tackle emerging challenges in Ireland , the programme will contribute to the national AI ecosystem and help shape the direction of future AI research.

Trevor Fitzpatrick, Central Bank of Ireland commented: ‘ AI is an important technology for financial services firms and for central banks and is becoming more central to the provision of financial services for firms and households. It poses both benefits and risks. This partnership programme provides additional capacity to deepen understanding of applications of AI and data science, to safeguard consumers and the financial system and to broaden the Bank’s research base.’

Professor James Gleeson, Professor of Industrial and Applied Mathematics at University of Limerick said: ‘Deep understanding of data science and AI is crucial for applications and regulation, so training of PhD students is very important to Ireland’s future. We are delighted to be collaborating with Central Bank of Ireland on this innovative and ambitious programme.’

Professor Noel O’Connor, CEO, Insight Research Ireland Centre, said: ‘AI is transforming the world with potential impacts on many aspects of society. It is important that trusted state entities like the Central Bank of Ireland not only keep pace but lead the way in developing safe and effective technologies to best serve the public interest. Insight is proud to partner with the Central Bank of Ireland on this ambitious initiative of data science for societal good.’

Dr Siobhan Roche, Director of Research for the Economy at Research Ireland, said: ‘Collaborative partnerships advancing innovative research are essential for overcoming the challenges of our time. This programme will generate new knowledge underpinning policy development and will build vital skills and capacity in the area of AI, with the potential to position Ireland as a leader in responsible use of AI. It’s fantastic to see the Insight Research Ireland Centre for Data Analytics and the Central Bank of Ireland using their collective expertise to create positive policy outcomes and cultivate the next generation of AI researchers.’

Photo caption: Trevor Fitzpatrick, Head of Risk, Central Bank of Ireland; Sharon Donnery, Deputy Governor, Central Bank of Ireland; Professor James Gleeson, University of Limerick; Professor Noel O’Connor, CEO, Insight Research Ireland Centre for Data Analytics